March 3, 2025

By:  Kirsten Fagerland Pezewski, Pezewski Law Offices, S.C.

The U.S. Department of the Treasury announced on March 2, 2025 that it will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the Corporate Transparency Act and its existing regulatory deadlines.  The Department also stated that it will also not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect. 

The Treasury Department states that it will issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. 

You can follow this link to the U.S. Department of the Treasury’s notice here: https://home.treasury.gov/news/press-releases/sb0038. 

Please be sure that you are working with your accountant and/or attorney to monitor the status of the BOI reporting requirements for your own organizations, and that you understand the requirements and penalties for failure to comply with the CTA.

NOTICE THAT THIS IS NOT LEGAL ADVICE:  The information in this blog post is provided for general informational purposes only.  The information contained in this post should not be construed as legal advice from Rental Property Association of WI, Inc. or its individual author.  Please seek appropriate legal or professional advice on the particular facts and circumstances that you may have at issue from a lawyer licensed to practice law in your state or jurisdiction if you wish to obtain legal advice about any matter.